The Bank of Industry (BOI) has announced plans to disburse loans of up to N1 billion to 140 manufacturing companies across Nigeria under the Federal Government’s N75 billion Manufacturing Sector Fund.

BOI Managing Director, Olasupo Olusi, made this disclosure at the bank’s inaugural annual public lecture series on Wednesday in Abuja.

He explained that the loan aimed to foster production, ensure economic growth, and boost job creation. 

“About 140 manufacturing companies will receive loans of up to N1 billion at single-digit interest rates.

“The funds under this programme have been fully allocated to successful applicants across the six geopolitical zones of the country, and disbursements have commenced.

“For transparency, the programme is working with the Manufacturers Association of Nigeria (MAN) to ensure all beneficiaries are genuine manufacturers, providing additional validation of loan applicants.”

Olusi stated that by offering low-interest loans, BOI aims to boost production, enhance job creation, and promote sustainable growth in the manufacturing industry.

According to the BOI boss, the Bank has disbursed N77.65 billion in loans to almost 1,000 MSMEs across various sectors in the country.

He noted that these interventions align with the Federal Government’s efforts to alleviate poverty and enhance food security by supporting enterprises that drive economic growth and create jobs.

Olusi restated the inauguration of the BOI PriceSense NG platform, a price intelligence dashboard providing real-time data on price trends across Nigeria.

“The platform aims to stabilise markets, protect consumers, and inform policy decisions related to food insecurity.

“We are unveiling the BOI PriceSense NG, a price intelligence dashboard and mobile app for real-time monitoring of price variations of food commodities nationwide.

“These initiatives demonstrate our commitment to impactful research, innovative solutions, and transparency in all endeavours,” Olusi said.

Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, reaffirmed the government’s commitment to drive economic growth through MSMEs, pledging improved access to financing, innovation, and policy support.

The Nigerian Correctional Service (NCoS) has warned that any further attempt by its officers to pull the wool over the public eyes, may be treated as an act of gross misconduct and thus, attract serious sanctions 

The NCoS emphasized this in a statement made available by the Public Relations Officer and image maker, Assistant Controller of Corrections, Umar Abubakar, specifically calling attention to a public reaction of one of its officers, to a recently trending video.

“The attention of the Nigerian Correctional Service has been drawn to a trending video of one of its senior officers purporting that the Service has not served him a letter of suspension as earlier directed by the Civil Defence, Correctional Fire, and Immigration Services Board (CDCFIB)”, the statement indicated, adding:

“The Service views this as an act of gross misconduct aimed at misleading the public on the issue at hand.

“For the avoidance of doubt, the Nigerian Correctional Service suspended not only the said officer in the video, but three (3) other officers following their alleged roles in various misconducts to allow for further investigation.

“The suspended officers are the officer-in-charge of the Maximum Security Custodial Centre, Kirikiri, Lagos, Deputy Controller of Corrections (DCC) Sikiru Adekunle; the officer-in-charge of the Medium Security Custodial Centre, Kirikiri, Lagos, Deputy Controller of Corrections (DCC) Michael Anugwa; the officer-in-charge of the Medium Security Custodial Centre, Kuje, FCT command, DCC Kevin Ikechukwu Iloafonsi; and Assistant Superintendent of Corrections (ASC II) Ogbule Samuel Obinna of the Medium Security Custodial Centre, Abakiliki, Ebonyi state”, the statement further indicated.

It would be recalled that two letters were issued by the Civil Defence, Correctional, Fire, and Immigration Services board (CDCFIB) with reference nos: CDCFIB/NCOS/DISP/016/VOL.II/16 and CDCFIB/NCOS/DISP/016/VOL.II/17 both dated 26th September, 2024, suspending the aforementioned officers.

 The suspension which took effect from the 26th of September, 2024, was conveyed to the various officers accordingly. 

The Image maker consequently advised the public to remain resolute as the Service would ensure that a thorough investigation would be carried out and any person or group of persons found culpable would be punished in line with the Public Service Rules as well as other extant laws.

…Encourages free flow of questions to create opportunities for further enlightenment 

The Tin Can Island Ports Customs Command has assured of its commitment to efficient trade facilitation and the prioritisation of the well-being of stakeholders who do business within the Command’s jurisdiction.

The Customs Area Controller, Compt Dera A. Nnadi stated this, on Monday while having a business chat with stakeholders at the command.

The chat was largely on new modalities of what is expected of stakeholders who do business in the Command daily.

Emphasising his theme for the year 2024, which is “A Year For Stakeholders,” the CAC stated that the well-being of all who come to do business in the area command is a priority to him, the command and the service. 

Dera stressed that the year is at its last quarter, and appreciated all efforts so far put in to ensure that the revenue for the year is achieved and called for compliance as all hands must be on deck to make it happen.

The Area Controller said he understands the struggles stakeholders go through during the ember season, especially towards the end of the year, assuring that genuine declarations from compliant traders will not have issues of delay except for those who think they can circumvent the system; who should have themselves to blame as cutting of corners will not be negotiated.

He further stated that he had ensured that all new crested bonded terminals domiciled in TCIP have space available for stakeholders while they go about their businesses, but at the headquarters here, no such space has been created.

 He thereafter promised that he would look critically into it as renovations are ongoing on the premises. 

He advised the stakeholders to learn to keep the environment clean, pending when new bins will be distributed in designated areas, as a clean environment portrays a healthy lifestyle. 

The CAC gave room for questions, which he answered while promising that all issues raised would be looked into with the Public Relations Officers of the command, on time.